tl:dr — $RLY Bridge EXIT from the Rally sidechain to the Ethereum mainnet went live today. $RLY can now flow bi-directionally between the Ethereum mainnet and the Rally sidechain.
Today we launched the Bridge Exit functionality of the Rally Bridge, a network feature that connects $RLY between the Ethereum mainnet and the Rally sidechain. Prior, the Rally Bridge only supported the Bridge Entry direction where $RLY on the Ethereum mainnet could come into the Rally sidechain, but not vice versa. With today’s launch, $RLY can now flow bi-directionally between the Ethereum mainnet and the Rally sidechain.
As such, users who participate in the Rally sidechain by owning Creator Coins can convert those Creator Coins down to their underlying $RLY and move that $RLY to an Ethereum mainnet wallet. Once on the Ethereum mainnet, users can use their $RLY to influence the Rally Network through governance on Discourse and Snapshot. If the user wishes, they can convert it to other cryptocurrency or into US dollars through 3rd parties.
Since the Rally sidechain is a trusted private Ethereum blockchain in Rally Network v1, users will be required to complete identity verification (KYC) processes before accessing the Bridge Exit feature. In 2021, the Rally core developers will be working with the community and Forte to develop additional trustless flows between Creator Coins and the rest of the Ethereum ecosystem.
With the launch of Bridge Exit functionality, our compliance partners at PTI will reduce the maximum redemption amount of Creator Coin to USDC to $300. We’ll be working with the community and other compliance partners around the world to bring safe, convenient and user friendly mechanisms for Creators and community members to realize higher incomes in whatever currency they need.
With the launch of $RLY Bridge Exit, we are excited for creators, brands, celebrities, crypto influencers, and their fans to be empowered to engage in both the Rally sidechain and Ethereum mainnet governance. We look forward to the Rally Network bringing the next 100 million users into crypto.
